@Anonymous wrote:I am currently considering filing for bankruptcy. I am married and have three kids. My wife and I have a combined income of about 75k and currently have 35k cc debt and two car loans totalling 1100. After paying necessities like rent, car/health insurance, child care for 3, utilities, and car payments we only have 1000 left over monthly. Our minimum amounts to pay each month total 1400. We're going negative each month and am feeling overwhelmed. All this debt is in my name only so I would file alone to preserve my wife's good credit. We've made cutbacks and have a pretty strict budget. I know our car loans are high amounts but having two cars is necessary and due to bad deals now theyre both upside down by a few thousand. I'm currently finishing school also so I'm not able to work part time right now. I've applied for consolidation loans but have been denied. My ficos are low 600s across all 3 bureaus. I am not behind on any payments at all. This month is the first month that I'm going to have to start missing payments. Does anyone have any recommendations? Thanks in advance.
Reading you situation I would honestly suggest filing sooner than later. I say that only because from what you say it sounds like you see no other way and no foreseen way is present if you try holding on you will only be prolonging the inevitable and you would want to honestly at least put a leash on the creditors by filing so you can be protected under the stay and no garnishments can happen and so that you avoid constant lates being reported on your credit report. By all means BK will still ruin your credit but i feel as though making lates appear adds to it. So if you file you could have a semi clean report aside from the BK and the IIB accts they'd have spotless history since you've never been late before....
Thats just my two cents. I am recently discharged myself and trust me its such a relief just not struggling and worrying about if you are going to be able to cover this and that this month you know..
